Quick Glossary of Financial Terms and Suggestions
Please know the below does not cover the all of the basics. It is intended to help you start a process of becoming wiser regarding your finances.
Introduction to Personal Finance
Budgeting
If you find yourself starting to fight, ask God to direct your path and take a 15 minute break.
2. How to create a budget:
3. Tracking actual expenses. You need a tool to help you track your actual expenses.
Some Basic Personal Finance Terms
Each of the below links and videos were reached doing a simple search. They are the top results. Embark does not endorse any of the below.
Retirement
College Savings
Finance Coaching
Do you have a solid understanding or need help in managing your personal finances? For example, do you need help with understanding inflation, developing/sticking to a budget, creating an emergency fund, paying down debt, planning for college and retirement, or learning how to invest? Even if you are financially healthy, do you want to learn more about making your money work for you? We offer CONFIDENTIAL, 1-on-1 coaching with people who have proven themselves in this area. If interested, please click here to sign up: https://embark-church.org/finance-coaching
Please know the below does not cover the all of the basics. It is intended to help you start a process of becoming wiser regarding your finances.
Introduction to Personal Finance
- There are many videos that will help you understand what personal finance is. A simple search on youtube will yield many results. If you do not know where to begin, start here: https://www.youtube.com/watch?v=UcAY6qRHlw0
Budgeting
1. Talk with your spouse. If you are not on the same page with your spouse, budgeting is going to be extremely hard. Pray into this as a couple. Some basic suggested questions can be:
1. How do you view money?
2. Who is going to manage the finances in our household?
3. What are our financial goals?
4. Do we need to prioritize anything? (debt reduction, retirement, college savings, etc)
5. Do we see ourselves as stewards / managers of what God has provided?
If you find yourself starting to fight, ask God to direct your path and take a 15 minute break.
2. How to create a budget:
1. Youtube can be a great resource for beginners. Do a simple search on “How to create a budget.” The key to success is SCHEDULING time to watch videos and creating your budget. Taking the time to do so IS investing in your future.
2. Budgets are lost in 2 ways:
- “nickels and dimes” - small purchases that add up over time
- undisciplined spending - being unaware of how much you are spending, where you are spending it and not thinking about your future self over your current self
3. Tracking actual expenses. You need a tool to help you track your actual expenses.
1. There are many tools from which to choose. A starting tool could be rocketmoney.com. It is free and also has a paid version for $4 a month if you want more tools. Most tools should allow you to connect your bank account, credit cards and other accounts giving you the ability to instantly categorize and see where you are spending your money.
2. Establish a scheduled, monthly time to review what you are spending, where you are spending and how you are progressing toward achieving your financial goals.
Some Basic Personal Finance Terms
Each of the below links and videos were reached doing a simple search. They are the top results. Embark does not endorse any of the below.
- How do I get rid of debt? Youtube can be a great resource. Simply search “How do I get rid of debt.” Schedule time to watch videos.
- What is an emergency fund? https://www.nerdwallet.com/article/banking/emergency-fund-why-it-matters
- What is inflation? https://www.investopedia.com/terms/i/inflation.asp
- What is a High Yield Savings Account? https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts
- What is an interest rate? https://www.investopedia.com/terms/i/interestrate.asp
- Confidentially talk with someone who can help you.
Retirement
- What is the difference between a Traditional IRA and a Roth IRA? https://www.youtube.com/watch?v=wT498TLcc3I
- What is a 401K employer sponsored plan? https://www.youtube.com/watch?v=tFQgvQUvlTU
College Savings
- What is a 529 college savings plan? https://www.youtube.com/watch?v=W1Z5yp6K0q0
Finance Coaching
Do you have a solid understanding or need help in managing your personal finances? For example, do you need help with understanding inflation, developing/sticking to a budget, creating an emergency fund, paying down debt, planning for college and retirement, or learning how to invest? Even if you are financially healthy, do you want to learn more about making your money work for you? We offer CONFIDENTIAL, 1-on-1 coaching with people who have proven themselves in this area. If interested, please click here to sign up: https://embark-church.org/finance-coaching